Nearly 60% of American workers fear they won’t be able to support their families
According to a poll commissioned by the American Staffing Association and released Wednesday, some 58% of American workers fear that their salary will not be enough to support themselves and their families.
Financial anxiety was particularly high among parents of underage children (66%) and Hispanic workers (69%), according to the survey. Because of these concerns, 28% of adults planned to look for a new presumably better paying job in the next six months, while 27% said they would look for a second job to help bridge the financial gap.
Millennials and Gen Z adults were much more likely to seek better-paying jobs — 40% and 36%, respectively — than their baby boomer parents, of whom only 13% planned to seek better employment. Almost half of the older generation feared that their age could be a barrier to hiring for a more desirable position.
Even formerly well-paid workers have seen their paychecks cover significantly less in 2022, with inflation at 40-year highs, than before the Covid-19 pandemic and accompanying money printing. Average inflation-adjusted hourly wages have fallen 3.6% in the past year alone.
Another survey conducted by the US Census Bureau came to similar conclusions, with about a third of respondents saying it was somewhat or very difficult to cover household expenses.
US President Joe Biden’s approval ratings are at an all-time low as Americans blame him for what many economists believe has been a punishing recession. Between the rising cost of food, near-record gasoline prices, and a massive housing bubble, Americans are seeing their finances stretched to breaking point. Even before the pandemic, nearly two in three U.S. residents didn’t have enough savings to cover a surprise $500 expense.